07:43 AM EDT, 06/06/2024 (MT Newswires) -- Robinhood Markets ( HOOD ) said on Thursday it acquired Bitstamp, a cryptocurrency exchange, for about $200 million in a cash deal in a bid to accelerate the company's crypto expansion worldwide.

"Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood," said Johann Kerbrat, general manager of Robinhood Crypto.

The company said it expects to close the deal in the H1 2025.

Robinhood last month reported Q1 notional crypto trading volume of $36 billion, a 224% rise from the same period last year. Also last month, it introduced crypto staking for European customers, allowing them to earn rewards by staking Solana (SOL) holdings through the platform.

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